As a paralegal working for a law firm that does business law.

We said that LLCs are by far the fastest-growing form of business entity today (except for sole proprietorships). In connection with an LLC, answer all of the following in complete and coherent sentences:

1. Are there any reasons why you would discourage a client from forming an LLC?

2. Assume the client wants to go forward with the formation of the LLC. Discuss the following in your own words. Do NOT cut and paste from the DOS website (I am very familiar with that website!!!). Explain in your own words, so that I know you understand the process.

a) What do you advise about choosing a name?

b) How do you check if the name is available? If it is available, what do you have to do to use the name you selected?

c) Discuss documents needed in connection with the formation stages of the LLC. What is each document called and what is the purpose of each? What are the contents of each document?

d) Are there any special publication requirements? If so, what are they?

e) What will this formation process cost the client in connection with DOS fees? How are those fees paid?

f) How is the LLC taxes by the IRS? How is the LLC taxed by NYS Department of Taxation and Finance?

g) When in the process should you be looking into the issues of licenses and permits?

h) What other governmental authorities have an interest in the LLC and why?

i) How do you prove to the client that you filed the paperwork with the DOS for the formation of LLC?

j) Are there any periodic filing requirements for an LLC after the formation?